Saving Your Money: 11 Tips That Make It Easy

Wouldn’t it be nice if that all-inclusive vacation was free or if driving a brand-new car off the lot didn’t cost you a dime? Unfortunately, these things cost money. That’s where effective savings tips come in handy.

So, what are you saving for? Maybe a down payment on a house or a family vacation? Perhaps you just want to build your emergency fund to cover unexpected expenses. Whatever the need, check out our top eleven tips on growing your savings faster.
 

Our Top 11 Tips for Saving Money:

1. Adjust Your Direct Deposit
2. Start Meal Prepping
3. Take a Break From the Coffee Shop
4. Reduce Your Energy Costs
5. Cancel Forgotten Subscriptions
6. Set Goals
7. Stop Eating Out All the Time
8. Stick with Generic
9. Learn to Say No
10. Automate Your Savings
11. Create a Budget

Why Saving is Important

Often, we see saving as a boring task because it doesn’t look as fun or attractive in the short term. Dining out at a fancy restaurant may bring instant satisfaction, but what if you saved that money for something bigger? Put your dollars away in an account that grows, like a certificate, and you could use the earnings to upgrade your kitchen. Now you can make fancy meals at home any time you want.

Building your savings can have a variety of benefits. Obviously, having money ready to use in case of an emergency is a plus. But watching your savings grow over time can be motivating, especially if you’ve never set a savings goal before. So, why is saving important?

Avoid Debt: With money saved up and ready to use, you’ll be less likely to use credit cards or loans to pay for your expenses. It can be easy to rack up debts with credit cards or loans so why shouldn’t saving be just as easy?

Emergencies: Nothing is worse than experiencing an emergency that you cannot financially afford. Situations like these can lead to major financial strain if you’re not prepared. Create an emergency fund to reduce the likelihood of financial instability during these unpredictable moments.

Build Retirement: If you start building a long-term savings fund you can complement it with an IRA or other retirement accounts. The earlier you start, the better. Even if retirement is a long way down the road, consistently putting money away over time adds up.

Accomplish Goals: Experience the satisfaction of reaching a savings goal! Whether it’s big or small, reaching a financial goal can have a great impact on your mental wellbeing. On top of that, knowing that you can reach a financial goal if you set your mind to it may encourage you to set even bigger goals.

Reduced Stress: Keeping up on your savings is one of the best ways to reduce financial stress. Watching a minor cost or repair become a big problem because you don’t have enough saved up to pay for it, is never fun. Keep small expenses small and enjoy life to the fullest without having to constantly worry about funds.

 

11 Money Saving Tips:

If you take a step back and look at your expenses, you may be surprised to find multiple ways to cut down costs and grow your savings at a considerable rate. Keep in mind, you don’t have to live like a hermit to grow your savings. Let’s break down some simple ways to grow your nest egg over time.
 

1. Adjust Your Direct Deposit

An easy way to put money aside without having to run through your bank accounts every month is to adjust your automatic deposits. If your current employer offers direct deposit for your paycheck, ask to adjust the deposit amount so a small percentage goes into a separate savings. This allows for an “out of sight and out of mind” mentality for saving.

2. Start Meal Prepping

The urge to grab a quick lunch at work is all too real. Sure, buying a meal seems harmless at first, but once it becomes a habit it can be a slippery slope. Let’s say you consistently buy lunch four times a week at $6, that’s $96 a month!

That money could be used to make extra payments on outstanding debts or build an emergency fund. Instead of buying lunch all the time, consider meal prepping for the week. Purchasing low-cost ingredients and making one big meal can last you a whole week and save plenty of money over time.

3. Take a Break From the Coffee Shop

Coffee is a luxury trap that many of us fall for. Making coffee at home has the potential of saving you hundreds of dollars per year!

There is nothing wrong with treating yourself to a special latte every once in a while, but with coffee prices steadily increasing, it’s going to cost more and more every trip. Skip the trip to the coffee shop and make your own cup of joe at home.

4. Reduce Your Energy Costs

Tweak your home to save money on energy. There are a lot of simple things that can be done at home to save on energy costs that won’t break the bank. Things like turning the lights off in a room when you’re not in it, taking shorter showers, lowering the temperature when you leave the house, using a window insulation kit to prevent drafts and washing your clothes in cold water. All these small changes can really make a difference with your energy bill!

5. Cancel Forgotten Subscriptions

Subscription creep is becoming more and more common, especially with millennials and Gen Z. We often find ourselves signing up for free trials and forgetting to cancel when the trial is up. According to a survey by CNET US adults spend an average of $91 a month on subscription services. Additionally, 48% of respondents said they signed up for a free trial of a paid subscription and forgot to cancel it.

Do yourself a favor and look through your subscription costs with a fine-tooth comb. Make sure you are only paying for the ones that you need and use. Cancel any unnecessary subscriptions to save on monthly costs.

6. Set Goals

Simple but effective! Create short-term or long-term goals to keep your savings on track. Saving just to save is great, but it’s easy to forget when you’re out having fun.

However, when you have a set goal on your mind, you’re more likely to say no to unnecessary expenses. Goal setting can be a positive influence for your financial wellbeing and push you to set weekly budget constraints.

7. Stop Eating Out All the Time

Similar to the idea of meal prepping, paying for meals out on the town can get expensive. There is nothing wrong with grabbing a bite to eat every once in a while, but if it becomes a consistent occurrence, you can rack up the bill fast. We all know that adding tips and delivery fees can make anyone’s eyes widen.

Of course, you don’t have to stop going out completely. But if you find yourself eating out every night or ordering delivery, it may be time to slow down and make meals at home instead.

8. Stick with Generic

There is nothing wrong with buying from high-end brands. But do you really need top of the line brands for everything? When a company markets itself well, they can convince you that buying their version of a product is best because their brand is luxury, the most comfortable or tastes better than others. In reality, it was most likely made in the same factory as all the other versions of that product and the other sellers charge half the price as the luxury brand.

Not everything you eat and own needs to be top of the line. Feel free to buy those Nike® running shoes, but the rest of your athletic wear doesn’t need to be name brand. Save yourself the money and buy generic.

9. Learn to Say No

This is a simple one but not always the easiest to do. We have all been in situations where we don’t want to spend money, but we feel pressured to go along with the crowd or crave that instant satisfaction. Learn how to confidently stand your ground and say no when the expense is too much or unnecessary. Try Loud Budgeting to normalize living within your means and focus on setting boundaries.

These days we can have food, clothing and accessories at our door with the swipe of a finger. In most cases this is just a “want” rather than a “need”.

These expenses can sneak up on you from all corners of life including social media, billboards, bus stop ads or websites. If you find saying “no” is tough, try saying “not now.” That way you can at least save money for the purchase or remind yourself that you don’t need it.

10. Automate Your Savings

Have you ever thought to yourself, I’ll save what I have leftover at the end of the paycheck, but then you find that you’ve spent all your money before you get paid again? Try automating your savings before you’re tempted to use them. Just schedule a recurring transfer from your checking to your savings account each pay day. Then you won’t even have to think about it!

11. Create a Budget

Learning how to craft a budget is a great skill to have. Between rent or mortgage, groceries, unexpected emergencies and other common expenses, your costs can add up.

Get organized by using a budget plan. There are plenty of budgeting strategies out there like the 50-30-20 system or zero-based budgeting. Here are some quick steps on creating and staying on budget:

• Do Your Research: If budgeting is new, read articles, watch videos or listen to financial podcasts.
• Find a Plan: Choose a budget style that works best for you like loud budgeting or 50-30-20.
• Be Positive: Always keep a good outlook and don’t compare yourself to others. We all have different circumstances.
• Stay Aware: Always take a second look when necessary and make it a habit of keeping your goals on hand.

Keep in mind, you can make plenty of small changes that will save you money but if you don’t have a plan to go along with it, it may all be for nothing. You’ll find that you have all this money saved up and nowhere to go with it and that can lead to reckless spending. Stick to a budget or goal to keep your savings journey on the right path. Check out our online learning center for even more tips on budgeting and overcoming financial debt.

 

Go Beyond the Traditional Savings Account

Now that you have the basics down, let’s look at some additional options. Savings accounts are helpful when you want to earn a little extra while keeping easy access to your money.

However, if you want to earn an even higher rate, consider opening a certificate or money market. If you have money you know you won’t need to touch for several months or even a year or more, consider opening up a certificate. At Landmark, you can open up a high-rate certificate with as little as $500.

Or if you have a larger amount of money on hand like $2,500 or more, but you still want to be able to access your funds, you might want to open a money market. Both accounts are great as a long-term savings option and provide guaranteed growth over time. We’re here to help you achieve your financial goals. Explore all the options we offer to fast-track your savings.
 

The Bottom Line

We all need to save for something. Whether it’s a down payment for a house, a comfortable retirement, new winter tires, groceries, weddings or starting a family, and the list goes on. Any way you slice it, saving money is always a good idea. Don’t limit yourself to one saving method. Try them all!